IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The process of making U.S. GAAP (as inspiration for the creation of Czech accounting standards)

Listed author(s):
  • Libuše Müllerová
Registered author(s):

    Financial accounting has been playing an important role in the economic system in the USA, since it has been supporting an effective operation of capital market, and consequently of whole economy. Its main task is to provide reliable accounting information about accounting entity to its users who do not take direct part in its management. Reliability of information is secured by generally accepted accounting principles (GAAP). Their publication is carried out by Financial Accounting Standards Board (FASB). In the course of preparation of accounting standards each user is allowed to protect its interests. However, the FASB members enjoy „last word“ in the whole process of decision-making. Following this process an important role is played by Securities and Exchange Commission (SEC), with which FASB is closely co-operating. Whole process of approval of each standard is shaped by systemic approach: firstly, problems are identified, next, proposals of various alternatives of accounting solutions are presented, assessed and lastly, final solution is chosen. Following FASB rules any standard may be issued if it is approved by two thirds of Board members. 147 standards have been passed until the year 2002. Further development may follow a path of approachment of US GAAP with International Financial Reporting Standards (IFRS) and a unified globally accepted set of accounting standards may emerge. Such advisement is responding to globalisation of capital markets and maintaining high level of investors protection.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: free of charge

    File URL:
    Download Restriction: free of charge

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Article provided by University of Economics, Prague in its journal Acta Oeconomica Pragensia.

    Volume (Year): 2004 (2004)
    Issue (Month): 1 ()
    Pages: 22-41

    in new window

    Handle: RePEc:prg:jnlaop:v:2004:y:2004:i:1:id:240:p:22-41
    Contact details of provider: Postal:
    nam. W. Churchilla 4, 130 67 Praha 3

    Phone: (02) 24 09 51 11
    Fax: (02) 24 22 06 57
    Web page:

    More information through EDIRC

    Order Information: Postal: Redakce Acta Oeconomica Pragensia, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3
    Web: Email:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:prg:jnlaop:v:2004:y:2004:i:1:id:240:p:22-41. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frantisek Sokolovsky)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.